The auto industry continues to look like a bursting bubble in progress and all around sad state of affairs, despite low rates and the "prosperity" of the stock market hitting new all time highs. Meanwhile, under the surface of those numbers, the actual economy - especially in autos - is telling a different story.
New vehicle deliveries, combining fleet sales and retail sales, were down 1.5% in Q2 to 4.5 million vehicles, according to Wolf Street.
For the first half of the year, vehicle deliveries fell 2.4% to 8.4 million vehicles. This puts the pace for new vehicle sales on track to fall below 17 million for the year, which would be the worst level since 2014. Further, it has lowered estimates for the full year to 16.95 million units delivered, on par with a “horribly mature market" in 1999. In addition to a struggling consumer, these lowered estimates are also result of rising interest rates and competition from off-lease vehicles.
This has resulted, simply, in fewer customers splurging on new cars.
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5 comments:
Well Hello...
who wants to pay 30 thousand plus for a vehicle lucky to get 20 miles to gallon
Since any nice new car is over 60k I think I will hold on to the one I have that is paid for.
All way over priced
2019 F150 fully loaded, 8 foot bed...sticker $74K in Northern VA area
Oh HELL NO!
Yeah right. That's what they say until you decide to purchase a vehicle. Then it's the same ole CRAP. DON'T want to make a deal. They play the game "How much can you afford a month". Instead of telling you what they will let the vehicle go for. Not paying 70 thousand for a truck or SUV with a four or six cylinder.
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